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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Celltrion to invest $805 mil. for Incheon facility expansion

Celltrion will invest 1.2 trillion won ($805 million) to expand its drug substance production facility at its headquarters in Incheon, while setting the expansion capacity at its U.S. production site at 75,000 liters per year, bringing the company’s total annual production capacity to 570,000 liters. Celltrion said Tuesday the investment will be carried out in multiple phases from this year through 2030, describing it as a mid- to long-term growth initiative aimed at ensuring stable production and supply of next-generation biosimilars and drugs under development. At its Songdo campus in Incheon, Celltrion will invest 1.2 trillion won to establish Plants 4 and 5, which will have a combined annual production capacity of 180,000 liters of drug substances. Plants 4 and 5 will be equipped with automation systems and smart factory technologies to maximize production efficiency and flexibility, enabling both small-batch, multi-product manufacturing and large-scale mass production. This will allow the company to respond more quickly to production needs for its current key products as well as

Mar 24, 2026By Nam Hyun-woo
Celltrion to invest $805 mil. for Incheon facility expansion

Oil price hike boosts demand for EVs

The global oil price hike is accelerating consumer adoption of electric vehicles (EVs) in Korea, as prolonged high fuel costs weigh on drivers, according to data and industry officials, Monday. The trend is evident, with about 52,000 EVs registered from the start of the year through March 10 — more than double the level a year earlier — data from the Ministry of Climate, Energy and Environment showed. Other data also showed that more consumers prefer fully electric vehicles to hybrids or internal combustion engine vehicles. According to market tracker CarIsYou, the number of newly registered EVs in Korea reached 35,766 in February, surpassing hybrid vehicle registrations, which totaled 29,112 during the same period. It marks the first time since October 2022 that EV sales outpaced hybrids, ending a more than three-year gap. The oil price hike, driven by escalating geopolitical tension in the Middle East, is widely expected to continue boosting EV sales here. Industry officials said the possibility of prolonged conflicts in the Middle East could further increase demand for EVs, as the

Mar 24, 2026By Lee Min-hyung
Oil price hike boosts demand for EVs

LG shifts to independent director-led board chair system

LG Group is set to fully adopt an independent director-led board chair system across its listed subsidiaries this year, marking a major shift in its governance structure and ending Chairman Koo Kwang-mo’s eight-year tenure as LG Corp. board chair. According to industry sources Monday, major listed LG affiliates were expected to complete the appointment of independent directors as board chairs following this week’s shareholders’ meetings and subsequent board resolutions. LG is scheduled to hold a board meeting on Thursday to deliberate and approve the appointment of a new board chair from among its outside directors, replacing Koo, who has concurrently served as board chair since becoming head of the group in June 2018. The move is widely interpreted as part of LG’s efforts to further strengthen board independence and enhance checks and balances within its corporate governance, with the aim of improving transparency in decision-making. The independent director-led chair system is regarded as a governance model aligned with global standards, designed to prevent potential conflicts

Mar 23, 2026By Nam Hyun-woo
LG shifts to independent director-led board chair system

Asiana to align seat numbering system with Korean Air ahead of integration

Asiana Airlines said Monday it will align its aircraft seat numbering system with that of Korean Air ahead of their planned integration later this year. The carrier said the revised system will be applied to all domestic and international flights operating between Dec. 14 and 17, with full implementation set to begin Dec. 18. Under the revisions, for all aircraft types except the A380, the starting row for business class will shift from Row 1 to Row 7, while economy class will begin at Row 28 instead of Row 10, a company spokesperson said. For A380 aircraft, the starting row for economy class on the lower deck will move from Row 30 to Row 28, while other seating arrangements on both decks will remain unchanged. "The changes affect only row numbering by aircraft type and class, with no physical changes to seat configurations," the spokesperson said. Both carriers have said the unified Korean Air will launch next year after completing the merger process within this year. However, industry sources and the 2,500-member Korean Air Pilots Union said the company is internally targeting a Dec. 17

Mar 23, 2026By Yonhap
Asiana to align seat numbering system with Korean Air ahead of integration

Oceans minister nominee highlights contingency plans for Hormuz disruption

Oceans Minister nominee Hwang Jong-woo said Monday he will ensure the safety of crewmembers stranded in the Strait of Hormuz, allowing them to leave their ships in an emergency. He also pledged to mobilize civilian vessels to transport crude oil and other resources through alternative routes to address the petroleum shortage following the war in Iran. “The Ministry of Oceans and Fisheries is prepared to help crewmembers disembark,” Hwang said during his confirmation hearing at the National Assembly, after being asked about communication channels with crew and trainees concerned about possible disadvantages if they leave their ships. In response to the monthlong suspension of crude shipments from the Middle East, he mentioned the potential use of “nationally essential ships.” Under the Act on Maintaining Marine Transportation and Port Functions to Prepare for Emergencies, the government can designate ships to deliver munitions and other goods critical to the national economy in times of war or other emergencies. The oceans ministry must provide compensation to the owners of such s

Mar 23, 2026By Park Jae-hyuk
Oceans minister nominee highlights contingency plans for Hormuz disruption

Higher fuel surcharges weigh on airlines, travel firms

Higher fuel costs, driven by the escalating Iran crisis and a weakening Korean won, are placing financial strain on airlines and passengers, forcing carriers to raise fuel surcharges and ticket prices. More travelers in Korea are reconsidering or canceling overseas trips as airfares rise. A soon-to-be-married traveler who had planned to visit Spain in September recently saw her projected travel cost jump from 1.6 million won ($1,061) to 2.4 million won, prompting her to reconsider the trip. Another traveler said a flight to Australia that was priced at 1.03 million won last month rose to 1.5 million won as of last weekend. Naver, the country’s largest online portal and a major e-commerce platform, recently posted a notice warning that airfares could rise by as much as threefold starting in April. It advised customers to book flights by the end of this month before higher fuel surcharges take effect. According to the notice, fares are expected to increase by up to 36,000 won for Osaka, 84,000 won for Bangkok and 196,500 won for Paris routes. The hike reflects a rise in the Mean of Platts

Mar 23, 2026By Ko Dong-hwan
Higher fuel surcharges weigh on airlines, travel firms

CalPERS opposes reappointment of Korea Zinc Chairman Choi Yun-beom

California Public Employees' Retirement System (CalPERS) — the largest public pension fund in North America — has decided to vote against the reappointment of Korea Zinc Chairman Choi Yun-beom, as the zinc smelter is set to hold a shareholders' meeting on Tuesday. According to industry sources Monday, CalPERS decided to oppose the reappointment of Choi and also vote against audit committee candidates Kim Bo-young and Lee Min-ho, both recommended by Korea Zinc, citing concerns over "damage to corporate value and infringement of shareholder rights." The decision comes after Korea's National Pension Service (NPS) said Friday it would abstain from voting on Choi's reappointment and vote against the appointment of Kim and Lee. NPS' decision was interpreted by watchers as withholding confidence in the current management. Industry observers say the series of moves by major pension funds reflects broader concerns about the effectiveness of board oversight and the functioning of internal control mechanisms under Choi's leadership. "The consistency of voting decisions by major pension funds, in

Mar 23, 2026By Lee Hyo-jin
CalPERS opposes reappointment of Korea Zinc Chairman Choi Yun-beom

PHOTO Paris Baguette opens at Techo airport

A Paris Baguette store at Techo International Airport in Cambodia opens, March 15. It is the seventh overseas international airport where the bakery brand, operated by Paris Croissant, has expanded, following locations in Singapore, Malaysia and the Philippines. The store also marks the fourth Paris Baguette location in Cambodia, all operated by HSC Group, which signed a master franchise agreement with the Korean company in 2021. The first phase of the Techo airport construction project was completed and unveiled to the public last September. According to the company, the airport has an annual capacity of 13 million passengers. Paris Croissant currently operates 720 Paris Baguette stores across 15 countries. Courtesy of Sangmidang Holdings

Mar 23, 2026By Ko Dong-hwanphoto
[PHOTO] Paris Baguette opens at Techo airport

Samsung Electronics' unionized workers meet co-CEO ahead of proposed walkout

Unionized workers of Samsung Electronics met Monday with Samsung Electronics Vice Chairman and Chief Executive Officer (CEO) Jun Young-hyun ahead of a planned strike in May over bonuses, the labor union said. Last week, the workers had vowed to hold a press conference near the residence of Samsung Electronics Chairman Lee Jae-yong in Seoul on Monday to announce their collective action, but the union later said it decided to cancel the event after the company's management suggested a meeting with Jun. During the morning meeting, the co-CEO acknowledged workers' concerns and said the company will review the union's demands, according to the union. Jun, who heads the crucial chip business, said the company needs to consider various options for distributing bonuses among different business units, adding it is open to additional talks in the near future if necessary, it added. The union has been demanding that management remove a cap on bonuses and grant a 7 percent wage hike, along with greater transparency in calculating performance-based bonuses. Last week, the union said 93.1 percent of it

Mar 23, 2026By Yonhap
Samsung Electronics' unionized workers meet co-CEO ahead of proposed walkout

Gov’t plan to integrate state-run airports with Incheon hits snag

The government’s plan to integrate Incheon International Airport Corp. (IIAC) with two unprofitable state-run airport operators is stuck in limbo amid mounting resistance from labor unions and civic groups. The proposed integration is part of a public sector restructuring initiative ordered by President Lee Jae Myung, but conflicts between stakeholders emerged quickly after the plan was unveiled. Under the initiative, the government is pursuing a project to integrate IIAC with Korea Airports Corp. (KAC) and Gadeokdo New Airport Construction Authority. Labor unions at IIAC have expressed strong opposition to the integration proposal, citing concerns that the move could force them to absorb losses and financial burdens from the two public firms. IIAC generated an operating profit of 480.5 billion won ($318 million) last year, while KAC incurred an operating loss of 22.3 billion won during the same period. The Gadeokdo airport authority also requires continued investment until the airport’s planned opening slated for the latter half of 2035. A coalition of seven labor unions from Incheon

Mar 23, 2026By Lee Min-hyung
Gov’t plan to integrate state-run airports with Incheon hits snag
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